Forecast for July 24th, 2012
The EUR/USD currency pair is moving according to the forecast, it has reached the target area of 1.2080. At the moment we should expect the price to be corrected to the level of 1.2150, where one can consider Euro with the tight stop. The target of the fall is the area of 1.2030. If the price grows up higher than 1.2175, this scenario will be cancelled. The test of the trend’s descending line at the RSI is an additional signal to sell the pair.
The GBP/USD currency pair is also moving according to the forecast. The price reached the target area of 1.5640 and then continued falling down. The closest support level is the area of 1.5475, one can consider selling Pound aggressively from the level of 1.5545. If the price grows up higher than 1.5580, this scenario will be cancelled.
The USD/CHF currency pair has reached all the targets of the ascending pattern. At the moment the price is forming the symmetrical pattern at the H1 chart. The target of the growth is the area of 0.9970. One can consider buying the pair near the level of 0.9895. If the price falls down lower than 0.9865, this scenario will be cancelled. The test of the trend’s ascending line at the RSI is an additional signal to buy Franc.
Australian Dollar started moving downwards. The price has reached the support level in the area of 1.0285, we should expect the start of the correction from the current levels. One can consider buying the pair aggressively with the tight stop, the closest target of the growth is the area of 1.04. The test of the trend’s ascending line at the RSI is an additional signal to buy the pair.
New Zealand Dollar continues moving inside the reversal pattern, the price is still moving downwards. One can consider selling the pair aggressively from the current levels with the stop above 0.8065 and increase the amount of sales only after the price breaks the level of 0.7850. The closest target of the pattern is the area of 0.7628.